"PepsiCo has been expanding strongly in the local market since 2018 by pumping hundreds of millions of dollars in expanding production lines and adding new storage spaces, while it seeks to increase its exports to countries of the region and set its eyes on Algeria, Morocco and Tunisia," Chairman of PepsiCo Egypt Mohamed Shelbaya said Sunday.
Shelbaya added that the Egyptian unit succeeded in returning to profitability in 2019 after incurring losses in 2017 and 2018, following the liberalization of the exchange rate. He also expected profits in 2020 despite the coronavirus crisis that affected sales in schools, cafes, restaurants and clubs’ sectors, according to Reuters.
The company's activities are focused on the manufacture and export of crackers and soft drinks.
Shelbaya said that PepsiCo Egypt invested $100 million in 2020 as part of a plan worth $515 million that it embarked on since 2018 and continues until 2021, explaining that the investments were aimed at increasing production and storage capacity to absorb growth.